Search Result for : Yuan Devaluation

The Dollar Business Bureau Days after US President Donald Trump accused China of being the “grand champion” of currency manipulation, Beijing on Friday hit back at Trump saying it has “no intention of deliberately devaluing its currency to gain a trade advantage”.    “If you must pin the label of ‘grand champion’ … on China, then we are a grand champion of economic development. We’ve made great achievements since the start of economic reform and opening-up, making us the undisputed grand champion,” Beijing’s foreign ministry spokesperson, Geng Shuang, said to the Guardian in response to Trump’s remarks of currency manipulation. Earlier Trump had said: “I think they’re grand champions at manipulation of currency. So I haven’t held back. We’ll see what happens.” The US-China ...

The Dollar Business Bureau India and Indonesia will emerge as the most popular choices for foreign investors and strategist in 2016, due to their less dependency on external demands on bonds, currencies and stocks in the Asian emerging markets. The other major Asian economy, South Korea, will remain on the investors’ watch list, amid prevalent concerns that the US President-elect Donald Trump will harm the global trade once he takes office early next year. Amid the conspicuous instability in global trade and financial environment, India seems to be offering financial stability, room for further rate cuts; almost more-than-ideal situations to attract fund inflows. However, China’s Yuan and South Korea’s won are more likely to remain unstable during the coming year. Credit Agricole CIB expected ...

The Dollar Business Bureau    Indian exports can be more competitive if the Reserve Bank of India allows the currency to depreciate, an industry body has said, and suggested the central bank to use its forex reserves in defence only in a rout situation. “Any depreciation in rupee on account of China-led turmoil in the global financial markets should only be a welcome sign for India, else Indian exports will suffer more at the hands of China and other emerging countries witnessing correction in their currencies,” said Associated Chamber of Commerce and Industry(ASSOCHAM) in its report 'Implications of Devaluation of Chinese Yuan’. Stating that China is a major challenge for India’s export competitiveness in the global market, the report pointed out that ...

The Dollar Business Bureau Indian steel industry which is already hit by cheap imports is expected to face more challenges due to market turbulence triggered by the dramatic slowdown of Chinese economy, an industry body has said. “Troubles within China are expected to spell disaster for the Indian steel industry, as desperate Chinese manufacturers would dump their products more rigorously abroad, having already registered a growth of 232 % in their shipments to Indian ports,” said the Associated Chamber of Commerce & Industry (ASSOCHAM), citing its own study. In 2014, steel exports from China were 93 million tonnes, up by 50.5% year-on-year. At the same time, India’s steel imports increased by over 71% compared to the inbound shipment of the previous ...

Sai Nikesh | The Dollar Business The devaluation of Chinese currency by more than 3% in the past two days has become a major concern for Indian manufacturers and traders who have already been facing tough fight against cheap imports from China. According to Indian government officials, the fall in Chinese currency value will affect India’s exports. Indian authorities are also concerned about its possible impact on the country’s Foreign Direct Investment (FDI), as China may become an attractive destination for foreign investors. The International Monetary Fund (IMF), on Tuesday, said, “The new mechanism for determining the central parity of the Renminbi announced by the People’s Bank of China (PBC) appears a welcome step, as it should allow market forces to ...